CWC Energy Services Corp. amends its credit facilities

CWC Energy Services Corp. has entered into an agreement with its banking syndicate to amend its credit facility (the "Credit Facility").

In addition, given the current uncertainty in the oilfield services sector, the Board of Directors has suspended the Company's quarterly dividend.

Credit Facility Amendments

The amendments reflect, among other provisions, the following revisions to CWC's financial covenants and terms under the Credit Facility:

The financial covenant for Consolidated Debt to EBITDA ratio changed to 5.0:1 for December 31, 2015, increasing to 5.25:1 for March 31, 2016 and June 30, 2016, increasing to 5.5:1 for September 30, 2016, decreasing to 5.0:1 for December 31, 2016 and decreasing to 3.0:1 thereafter;

New Chief Executive Officer of Aker EnergyFeb 23, 2018 Jan Arve Haugan has been appointed as Chief Executive Officer of the newly established oil company Aker Energy, effective 1 March 2018. Haugan is currently the President & CEO of Kværner ASA.